BITCOIN IS GOING TO THE MOON 🌙, DON'T PANIC!!!

HODL&RELAX:

There was US Senate hearing on regulating cryptos and it was very encouraging. The good news for my fellow crypto Ned and enthusiast is that we are going to the moon, there is going to be an uptrend and smile on our faces very soon. All you need to do is to HODL&chill.

Here's the notable extract so far:

• The regulatory offices have an employment freeze currently, so budget is very constraint (implies no need to create a department just for crypto regulation/enforcement).
• They now have a team in place, made of economists and technology specialists, which are researching crypto and already made progress on preventing scams. Suggests it's enough for now and further regulation is not necessary.
• Main issue are ICOs and scams. The chairmen said they are working together on preventing scams and have already enforced non-crypto related laws in this regard.
• Bitcoin should not be considered a security, but rather a commodity, one of the chairman even refers to the term HODL and what it stands for, says it's used primarily as a store of value. Says his 30-year old niece holds Bitcoin.
• Blockchain and cryptocurrencies are linked and strict regulations on crypto could stomp tech progress.
• Crypto has an utility on a larger scale and not just for trading.
• The crypto market is very small scale and needs time to develop, to see if regulations are in fact needed.
• On educating potential investors, chairmen say the crypto community is educating itself and understand the risks (they say the community goes to the library and ask for books about Bitcoin, who does that? :))
• One senator talks about the recent Coincheck hack. Chairmen replies that their authority is limited, since foreign exchanges could be used. It's a gap, but it doesn't fall under SEC/CTFC regulation.
  
  In general, in regards to regulation, the answer is that it's inconclusive. It might be needed, but for the moment there's no threat due to the lack of maturity of the crypto market.
  So,